Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.</li>
<li>Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.</li>
<li>Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?</li>
</ul>


Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.
Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.
Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?


Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

<ul>
<li>NVDA pricing in numbers positive and Dell AH sets a good tone for AI related.</li>
<li>Renesas pulling out of SiC points to problems with Wolfspeed supplies and may be positive Rohm.</li>
<li>Boeing up with 737 Max production increasing and China about to resume deliveries.</li>
</ul>


NVDA pricing in numbers positive and Dell AH sets a good tone for AI related.
Renesas pulling out of SiC points to problems with Wolfspeed supplies and may be positive Rohm.
Boeing up with 737 Max production increasing and China about to resume deliveries.


Japan Morning Connection: Markets Up, but Excitement Fading with More Tariff Uncertainty Ahead

<ul>
<li>NVDA numbers were inline, but Blackwell rollout and outlook for further sovereign expansion sets bullish tone.</li>
<li>HP numbers point to bleak demand for PC's due to rising import costs and a slower economy</li>
<li>Rohm +13% as its switches to a more AI focused bucket + NKY potential.</li>
</ul>


NVDA numbers were inline, but Blackwell rollout and outlook for further sovereign expansion sets bullish tone.
HP numbers point to bleak demand for PC's due to rising import costs and a slower economy
Rohm +13% as its switches to a more AI focused bucket + NKY potential.


Japan Morning Connection: NVDA Numbers and Tariffs Blocked by US Trade Court Sending Futures Higher

<ul>
<li>Watch for upside in names involved in HAMR drives such as TDK after positive comments from Seagate.</li>
<li>Rohm finally starting to get bucketed as an AI name could see significant upside after deep correction.</li>
<li>Quantum names continuing to surge with huge moves in IonQ and D-Wave sets positive tone for Socionext still.</li>
</ul>


Watch for upside in names involved in HAMR drives such as TDK after positive comments from Seagate.
Rohm finally starting to get bucketed as an AI name could see significant upside after deep correction.
Quantum names continuing to surge with huge moves in IonQ and D-Wave sets positive tone for Socionext still.


Japan Morning Connection: Power/Analog Names Lower, but Seagate IR Day a Big Success

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Over past year the price of Silicon Carbide wafers has declined by 50-60%, leading to the bankruptcy of Wolfspeed. The Western media tends to blame Chinese over-capacity and price cuts. </li>
<li>But all SiC firms have massively increased capacity: Infineon, Onsemi, STMicro. The vertical integration of the majors is also to blame: over-investments in a small market (rapidly growing, but small). </li>
<li>Who benefits? Nominally the big integrated vendors Infineon, Onsemi, Rohm, STMicro – but Power SiC is a small fraction of their revenues.</li>
</ul>


Over past year the price of Silicon Carbide wafers has declined by 50-60%, leading to the bankruptcy of Wolfspeed. The Western media tends to blame Chinese over-capacity and price cuts. 
But all SiC firms have massively increased capacity: Infineon, Onsemi, STMicro. The vertical integration of the majors is also to blame: over-investments in a small market (rapidly growing, but small). 
Who benefits? Nominally the big integrated vendors Infineon, Onsemi, Rohm, STMicro – but Power SiC is a small fraction of their revenues.


Automotive Power SiC: The Bankruptcy of Wolfspeed

Japan

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

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ROHM Co Ltd (6963 JP)

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

Japan Morning Connection: Markets Up, but Excitement Fading with More Tariff Uncertainty Ahead

Rohm may benefit from one less competitor as Renesas drops out of SiC. May be an opportunity to buy into the dip for Bandai Namco. Boeing up with...

Andrew Jackson

Japan Morning Connection: NVDA Numbers and Tariffs Blocked by US Trade Court Sending Futures Higher

Rohm +13% after news that it will be manufacturing chips for AI servers and potential NKY inclusion. HP dropping due to concerns over rising import...

Andrew Jackson

Japan Morning Connection: Power/Analog Names Lower, but Seagate IR Day a Big Success

Rebound for Wolfspeed despite no news on avoiding bankruptcy. Quantum names like IonQ and D-Wave surging, setting positive tone for Socionext....

Andrew Jackson

Automotive Power SiC: The Bankruptcy of Wolfspeed

The decline in Silicon Carbide wafer price led to bankruptcy of Wolfspeed. Blame placed on Chinese over-capacity but the vertical integration of...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

​Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

Japan Morning Connection: Markets Up, but Excitement Fading with More Tariff Uncertainty Ahead

Rohm may benefit from one less competitor as Renesas drops out of SiC. May be an opportunity to buy into the dip for Bandai Namco. Boeing up with...

Andrew Jackson

Japan Morning Connection: NVDA Numbers and Tariffs Blocked by US Trade Court Sending Futures Higher

Rohm +13% after news that it will be manufacturing chips for AI servers and potential NKY inclusion. HP dropping due to concerns over rising import...

Andrew Jackson

Japan Morning Connection: Power/Analog Names Lower, but Seagate IR Day a Big Success

Rebound for Wolfspeed despite no news on avoiding bankruptcy. Quantum names like IonQ and D-Wave surging, setting positive tone for Socionext....

Andrew Jackson

Automotive Power SiC: The Bankruptcy of Wolfspeed

​The decline in Silicon Carbide wafer price led to bankruptcy of Wolfspeed. Blame placed on Chinese over-capacity but the vertical integration of...

Nicolas Baratte

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

The decline in Silicon Carbide wafer price led to bankruptcy of Wolfspeed. Blame placed on Chinese over-capacity but the vertical integration of...